More than 70 percent of the 57,000 businesses that received loans guaranteed by the Guarantee Fund for Small and Micro-Enterprises (TEMPME) are now struggling to meet repayments, the head of the Hellenic Fund for Entrepreneurship and Development (ETEAN) Alexandros Paparsenos said on Wednesday. He said this created a risk not just for the enterprises involved but also for the guarantees of some 5.5 billion euro that was loaned to them.
This was noted during a meeting between the head of ETEAN and the chair of the Athens chamber for workshops and small manufacturers, P. Ravanis.
Ravanis noted that the economic crisis had hit small and micro-businesses very hard, affecting their ability to meet loan repayments and cover their costs. He stressed that they needed immediate help and support from the state.
They proposed that the unpaid portion of the loans be refinanced by banks with a new 10-year loan under ETEAN, combined with an extension of debt repayment or a grace period.